Risk-Free rate United Arab Emirates

Hi all,

With a group of students, we are working on the valuation of an online luxury apparel company that will operate in the MENA and GCC regions. However, the headquarters of the company are located in Milan, Italy, and the financials are all projected in Euros.

I was wondering which risk-free rate to use in this very case, as this is a transnational venture that will involve multiple currency mismatches (sales in local currency and earnings in euros). The company is entirely equity-financed and is a venture that has very few comparables in the region to work out. The timeline of the project is roughly 5-10 years.

Any ideas?